Finance

The Northern Territory government has granted the final approvals for Core Lithium’s BP33 underground lithium mine, part of the company’s ongoing operations in Darwin.

The Northern Territory government has committed $12 million (USD 8.05 million) in its latest budget to accelerate the development of a “sustainable” industrial hub that will be largely powered by renewables as it looks to continue the overhaul of its electricity system.

The Australian government has presented its 2023-2024 budget, with $2 billion (USD 1.35 billion) to be invested in hydrogen, while Austria, Germany, and Italy said they have started moving forward on a southern hydrogen corridor from North Africa to Northern Europe.

The West Australian government will plough almost $3 billion (USD 2.03 billion) into renewable energy generation, storage and transmission projects with modelling revealing more than 50 GW of new generation and storage capacity will be required in the state’s main electricity grid within the next 20 years.

The Albanese Labor government has delivered its 2023 – 2024 budget, placing energy front and centre. The budget takes the government’s total spend on making Australia a renewable superpower to $40 billion (USD 27 billion). While many in the industry have applauded the budget, there are some glaring contradictions.

JinkoSolar, Long, JA Solar, and Trina Solar have all reported impressive growth figures for the first quarter of this year.

The International Renewable Energy Agency has released new data on the cost of capital for solar PV, onshore and offshore wind in the period between 2020 and 2021. Results show that Australia has the second lowest cost of capital in the Asia Pacific region at 4.6%, beaten out by China at 3.9%.

Australia’s energy minister has revealed the upcoming Federal Budget will include support for a new revenue underwriting mechanism that is expected to unlock billions of dollars of renewable energy investment and “gigawatts of power” to support the ongoing decarbonisation of the grid.

The successful projects from the first tender conducted under the New South Wales government’s Electricity Infrastructure Roadmap have been announced with two large solar farms, a wind farm and an eight-hour battery energy storage system to be built as the state looks to manage the exit of coal-fired power generation from the grid.

According to findings by Cornwall Insight Australia, this week’s closure of Liddell Power Station is expected to drive up average power prices during peak periods in New South Wales (NSW). Prices, particularly in the summer, are expected to be higher compared to the previous three years.